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Coty Pays $400 Million to Buy Controlling Stake in China’s TJoy

Coty Inc., the seller of perfumes by Sarah Jessica Parker and Vera Wang, will pay $400 million to acquire a majority stake in Chinese skin-care company TJoy Holdings Ltd. as it expands in the world’s most-populous nation.

Coty will pay in cash and TJoy’s management will hold the remaining shares in the company, Guo Yuanqing, General Manager of TJoy’s Beijing operations, said yesterday. He said founder Zhuang Wenyang will stay as TJoy’s chief executive officer.